Wanlang Magnetic Plastic released its 2026 interim report on August 26. Supported by the consolidation of its small home appliance OEM business and deeper global expansion, the company's revenue doubled during the reporting period. However, due to foreign exchange losses and changes in product mix, profit did not grow in line with revenue. The financial report shows that the company achieved operating revenue of 41.537 billion yuan, up 124.78 percent year on year. Net profit attributable to the parent company was 50.1028 million yuan, down 23.08 percent year on year. Non-GAAP net profit was 50.6033 million yuan, down 19.83 percent year on year. Small home appliances became the core growth engine, generating revenue of 21.253 billion yuan and accounting for more than half of total revenue. This was mainly driven by the consolidation of the small home appliance OEM business undertaken by its controlling subsidiary Zhixiang Life Appliances for Midea. Revenue from the traditional home appliance components business was 1.624 billion yuan, up 18.64 percent year on year. The decline in profit was mainly due to a 294.79 percent surge in financial expenses to 70.0929 million yuan, including foreign exchange losses of about 45.2144 million yuan caused by the appreciation of the renminbi against the US dollar and the Thai baht. The company also completed the acquisition of minority stakes in its core subsidiary, strengthening its control over the small home appliance business.
Midea Group Co LtdConsolidation of small home appliance OEM business for Midea drives revenue growth
Anhui Higasket Plastics Co.Ltd.